Denver firm picks up new West Miami apartments for record $61M

Deal follows the $57M sale of Soleste West Gables, a sister complex, in August

A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami.

Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building.

The deal marks a new record for the small city just northwest of Coral Gables, and follows the $57 million sale of Soleste West Gables, a sister complex, in August. That sale broke down to about $279,000 per unit, a difference of about 11.5 percent.

Cushman & Wakefield’s Robert Given, Zachary Sackley, Troy Ballard and Neal Victor were the listing brokers.

Soleste Club Prado is about 95 percent leased, according to a press release. The average unit spans 862 square feet and rents for $2,167 a month, or $2.52 per square foot. The developers completed the building about a year ago.

Units feature porcelain floors, modern cabinets and quartz countertops. Amenities include a pool with a spa, sun deck and private cabanas; an outdoor kitchen and bar; a rooftop garden; a lounge with a business center and a demonstrative kitchen, according to the release.

When it hit the market earlier this year, Given told The Real Deal that he expected Soleste Club Prado to trade for 15 to 20 percent more than Soleste West Gables due to higher rents and a better location.

Estate Investment Group is also working on Soleste West Gables II, a 221-unit luxury apartment building nearby.

“The location on Red Road is significantly more attractive than the first location,” Given said. “It’s more identifiable, so I think it’s going to be much more attractive just from the general charactistics of the real estate.”

Given also said that the project pulls from “employment drivers along the Biscayne corridor and downtown Miami, Airport West and Blue Lagoon. Publix recently closed on the purchase of a nearby West Miami location  at 1500 Red Road for $23.2 million.

Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed.

The August sale of Soleste West Gables to Chicago-based Waterton opened the door to other institutional buyers in West Miami, Given previously said.

Given could not immediately be reached for comment.

Denver firm picks up new West Miami apartments for record $61M

Neighbors want Miami commission to scuttle part of Avra Jain and Mattoni’s Bayside Motor Inn redevelopment

UPDATED May 9, 6:15 p.m.: Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn site.

Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard.

The appeal was scheduled for the commission’s planning and zoning agenda on Thursday, but it has been pushed back to May 25.

The developer 5101 RE CO LLC, a partnership between Mattoni Group and Avra Jain, wants to replace the existing building with a new three-story building totaling 18,994 square feet that would have ground floor retail and offices on the top two floors. The board also approved the renovation of the three-story hotel at 5101 Biscayne Boulevard. Both parcels are located next to one another in Miami’s MiMo neighborhood.

“Avra Jain has an amazing track record at preserving and redeveloping in the MiMo Historic District,” said 5101 RE CO lawyer Iris Escarra. “Mr. Cruz’s appeal, in our opinion, is unwarranted and violates the settlement agreement entered into in 2014 when Avra agreed to build in accordance with the current regulations and give up the 8 Story vested project.”

In an email, Cruz said he was too busy to comment immediately.

At the February preservation board meeting, Jain also explained to the board members that the 5125 building had sustained significant fire, water and termite damage, necessitating the teardown. “I can tell you without a doubt that the building is not worth saving,” she said at the time.

Jain bought the properties in 2013 and sold them in June of last year for $4.05 million to Mattoni Group’s 5101 RE CO, but has remained on board as a co-developer. The Bayside Motor Inn was built in 1952 and has 40 rooms in a 13,511-square-foot building. The partnership plans to convert the ground floor into restaurants, enhance the courtyard and keep a small number of hotel rooms on the second floor.

Waterton Buys Apartment Community in West Miami for $57.4M

Soleste West Gables in West Miami began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

Waterton Buys Apartment Community in West Miami for $57.4M

Mattoni Group buys retail space at 1010 Brickell

Miami-based real estate investment firm Mattoni Group said it has acquired all the street-level retail space at 1010 Brickell, which is being developed by 13th Floor Investments and Key International Development.Mattoni Group purchased more than 11,000 square feet of space on the ground floor of the Brickell Avenue condominium tower, which will have 50 floors and 387 units. Mattoni Group said it plans to lease the spaces to major retailers, with an asking Rendering of 1010 Brickell rental rate of $100 to $150 per square foot. The property is scheduled to be completed in fall 2017.Brokers Fernando Naranjo, president of The Orange Group, Real Estate Corp. and Lucio M. Rodrigues, of AG Real Estate Advisors, represented Mattoni Group in the deal.1010 Brickell is positioned to have accessibility to the Tenth Street Metromover station on the Brickell Loop in Brickell. It is also in walking distance to Brickell’s main attractions & restaurants at The Shops at Mary Brickell Village and the future Brickell City Centre.In November, the developers obtained a $76 million syndicated construction loan, led by Regions Bank, for the project. Construction began in September for the building, designed by the Sieger Suarez Architectural Partnership.“Since Brickell is a growing metropolitan residential community,” Ricardo Caporal, founder and president of Mattoni Group, said in a statement, “the area has a high density of residents, making it a desirable location for retailers.”
Tags: 1010 Brickell, 13th Floor Investments, Key International Development, Mattoni Group– See more at: http://therealdeal.com/miami/blog/2015/02/17/miami-real-estate-firm-buys-retail-space-at-1010-brickell/#sthash.2X0Sokvq.dpuf

Mattoni Group buys ground floor retail at 1010 Brickell

Miami-based real estate investment firm Mattoni Group has acquired all of the ground floor retail space at 1010 Brickell, which is being developed jointly by 13th Floor Investments and Key International Development. Mattoni’s purchase amounts to more than 11,000 square feet of space in the condominium tower which will feature 387 units over 50 floors. The company is expected to charge $100 to $150 per square foot for the retail space which it plans to lease to major retailers. 1010 Brickell is scheduled for completion in the fall of 2017.

Mattoni Group and Fortune Capital Partners Gables Prado Groundbreaking Ceremony

Mattoni Group and Fortune Capital Partners Gables Prado Groundbreaking Ceremony

by Rachel Mazanec November 25, 2014

Estate Investments Group, Mattoni Group and Fortune Capital Partners, the pioneers of luxury apartment developments in the City of West Miami, hosted a groundbreaking ceremony at Gables Prado to celebrate the commencement of construction. Numerous high ranking officials from the City of West Miami were present at the ceremony as were the project’s architect, Ms. Olenia Martin, and numerous other professionals that made Gables Prado a reality.

– See more at: http://miamiagentmagazine.com/mattoni-group-fortune-capital-partners-gables-prado-groundbreaking-ceremony/#sthash.PmNjq9uf.dpuf

 

 

Gables Prado To Rise In The City Of West Miami

On Thursday, November 20, 2014, Estate Investments Group, Mattoni Group and Fortune Capital Partners celebrated at the groundbreaking of Gables Prado, a class A luxury apartment community that is the second development of this kind to rise in the City of West Miami. The property is located just west of Coral Gables in West Miami at 950 S. Red Road. The development group is also responsible for the construction of the first luxury apartment residences to exist in the City of West Miami, known as Gables Gate Tower.

“Gables Prado is the beginning of more developments to flourish in the City of West Miami,” said Robert Suris, Principal of Estate Investments Group. “We plan to impact the community in more ways than just building apartments and look forward to continued participation of the rebirth occurring in the City of West Miami.”

Numerous high ranking officials from the City of West Miami were present at the ceremony as were the project’s architect, Ms. Olenia Martin, and numerous other professionals that made Gables Prado a reality.

The architecturally stunning apartment building has 194 residential rental units, offering one, two and three bedroom floor plans, which will include over sized, wrap around balconies, floor-to-ceiling impact resistant windows, covered parking, and 24-hour security. The project, which is a 300,000-square-foot oasis, will offer numerous luxury amenities and services including a majestic swimming pool with cabanas and grilling stations, poolside state-of-the-art fitness center, alluring saunas, luscious raised garden reflection area, and a community recreation center. The apartments will feature 9-foot ceilings with “see through” design and high quality finishes such as porcelain tile floors and premium cabinetry. The incorporation of work/live unit designs into the project will offer residents the unique opportunity to conduct licensed business activities from their residences.

About Estate Investments Group
Robert Suris founded The Estate Companies (TEC) in 2012 as a full-service real estate group, representing the continuation of more than 30 years of real estate investment, development,construction,operation management and marketing experience in the South Florida real estate market. TEC Group focuses on the high-yielding, risk adjusted, development and investment opportunities involving land and residential projects where the principal and officers have been conducting business for over three decades. Strong ties to the community have allowed TEC to develop an unparalleled knowledge of market fundamentals, as well as develop a broad network of industry contacts to source, fund and execute new opportunities. For more information, visit: www.eigfl.com.

About Mattoni Group
Mattoni Group is a forward-thinking, vertically integrated real estate investment and management firm headquartered in Miami, with a growing portfolio of residential and commercial properties across the region. With more than two decades of combined experience in myriad aspects of the real estate industry – including property acquisition, construction, management and financial analysis – Mattoni Group brings a wealth of expertise to every project. As demonstrated by the Company’s outstanding record of successes, the organization possesses the entrepreneurial strategy, skills and resources to minimize competition maximize value and achieve desirable risk-adjusted returns on investments in any market cycle. For more information, visit: www.mattonigroup.com.

About Fortune Capital Partners
Fortune Capital Partners, Inc. (FCP) is a multifaceted, full service real estate company headquartered in Coral Gables, Florida. At its inception in 1998, the company’s operational focus was, and continues to be, on residential multifamily and condominium conversions. Over the past 15 years, FCP has acquired, leased, managed and converted over 9,000 units in South and Central Florida aggregating $1.6 billion in sales revenue. Commencing in 2001 FCP began investing its excess capital with highly qualified developers and operators in commercial, value-add and ground-up developments. Today, FCP’s investment real estate portfolio is comprised of office, hotel, retail and land held for development.

GABLES PRADO TO RISE IN THE CITY OF WEST MIAMI

Gables Prado complex to break ground

The Gables Prado apartment complex is about to break ground in West Miami.

The project, a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners, will include 194 units, according to the South Florida Business Journal.

The developers paid $6 million in July for the property, located at 950 South Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20. [South Florida Business Journal] –Christopher Cameron

http://therealdeal.com/miami/2014/11/12/gables-prado-complex-to-break-ground/Gables Prado complex to break ground

Developer to break ground on 194-unit apartment complex

The Gables Prado apartment complex is set to break ground in West Miami with 194 units on the way.

The project is a joint venture between Estate Investments Group, Mattoni Group and Fortune Capital Partners. They paid $6 million in July for the property at 950 S. Red Road, which is just west of Coral Gables.

The official groundbreaking will take place on Nov. 20 at 2 p.m. at the construction site.

Gables Prado will offer units ranging from one to three bedrooms, with some having wrap around balconies. The 300,000-square-foot building will have covered parking, a pool with cabanas and grills, a fitness center, saunas and a raised garden.

Some of the units will have a live/work design.

The same development team is also building Gables Gate Tower in West Miami.

http://www.bizjournals.com/southflorida/news/2014/11/11/developer-to-break-ground-on-194-unit-apartment.html

Banesco lends $27M for Miami-Dade County apartment project

The Gables Gate Tower apartment project in West Miami scored a $27 million construction loan from Banesco USA.

The Coral Gables-based bank provided the mortgage to Gables Gate Tower, managed by Roberto J. Suris Jr. The developer is a joint venture between The Estate Co. and Mattoni Group.

They are building 206 apartments in a seven-story and four-story tower on on 67th Avenue between Southwest 21st and 22nd Streets.

The 2.1-acre site was acquired for $2.65 million in April 2013. The apartment project is expected to be completed in spring 2015.

Gables Gate Tower II recently paid $4.8 million for a redevelopment site just north of its project at 2000 S.W. 66th Ave.